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Tax Advice Hotline
Over 50 percent of the claims CAMICO sees are tax-related. The CPAs involved could have avoided many of the mistakes if they had sought more technical guidance or information. Our tax specialists are on hand to help policyholders gain an understanding of the federal tax issues and potential problems associated with high-risk estate, gift and corporate tax work, which bring about the most severe claims.
Reduce Your Risk
Your tax practice exposes your firm to significant risk. After studying years' worth of tax claims, CAMICO has determined that certain tax areas present greater liability risk to CPAs than do others. In order to help policyholders reduce their exposure in these high-risk areas, CAMICO offers a cost-free tax advisory hotline.
Please note that this service is designed to supplement your research and knowledge in the given tax area. It is not intended to replace your research, decision-making or responsibilities related to return preparation.
How It Works
The tax areas covered are listed below. CAMICO provides tax hotline service in the following two formats:
Cold Review Format
When you request a cold review, CAMICO will review your firm's fully researched tax treatment of a given complex transaction. After completing this review, CAMICO will confer with you about the proposed treatment, suggest any possible alternate treatments and highlight other tax issues relative to the facts provided.
Guidance Format
When you request tax guidance, CAMICO will assist you in determining the tax issues presented by your particular fact pattern. CAMICO will also discuss applicable Internal Revenue Code sections, revenue rulings, cases and other tax research materials that can serve as a springboard for further research by your firm.
List of Tax Areas Covered:
- Complex Corporate Issues
- Corporate Formations - Sec. 351, 357, 358, 362
- Reorganizations - Acquisitive, Divisive
- Carryovers of Corporate Attributes after Reorganizations - Sec. 381, 382
- Corporate Sale/Purchase Issues - Stock vs. Asset Sales/Acquisitions
- Income from Discharge of Indebtedness and Exclusion under Sec. 108
- Net Operating Loss Carryover Provisions, Sec. 382
- Liquidations - Sec. 331, 332, 334, 336, 337
- Like-Kind Exchanges and Involuntary Conversions - Sec. 1031, 1033
- S-Corporation Issues
- Alternative Minimum Tax Issues
- International Tax Issues - Affiliated Foreign Corporations/Foreign Ownership of U.S. Corporations
- Accounting Method Changes
- Preparation of Forms 1120, U.S. Corporation Income Tax Return
- Estate Tax Issues
- What Is Included in the Gross Estate - Sec. 2031
- Alternate Valuation - Sec. 2032
- Estate Tax Deductions, Especially the Sec. 2056(b)(7) QTIP Election and Related Issues
- Estate Tax Freezes - Sec. 2701 - 2704
- Computing the Estate Tax/Unified Credit
- Generation Skipping Transfer Tax (GSTT)
- Estate Tax Planning Issues Related to Exemption and Marital Trusts
- Preparation of Federal Form 706, United States Estate (and Generation Skipping Transfer) Tax
- Gift Tax Issues
- Taxable Transfers
- Gift Splitting - Sec. 2513
- Transfers Excluded and Exempted from the Gift Tax
- Gift Tax Deductions, Especially the Sec. 2523(f) QTIP Election and Related Issues
- Calculation of the Gift Tax/Unified Credit
- Preparation of Federal Form 709, United States Gift (and Generation Skipping Transfer) Tax
Phone: 1.800.652.1772
Fax: 1.800.227.2090
Email: lp@camico.com
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